paul volcker was head of the cftc in my early days of trading. not only is he a very tall man, who really carries a big stick, of course he has great respect in the market and i think that's why president obama put him on the stage and why this rule is named after him. but is too big to fail going to give way to too big to succeed, too complex to understand? you know, about a year after dodd-frank passed in a "fortune" article, sheila bair basically called what was then and is more complicated now, she called the many pages of dodd fra-frank, specifically the volcker rule, a rube gold contraption. it was convoluted. in the end it's the complexity i have a problem with. i have no love loss for large institutions but the institutions are bigger today than they were in the crisis let's take it a step farther. look at the gray areas regulators have to deal with, underwriting, market making, hedging, i think too complex. but let's take one issue that isn't complex, one thing that these institutions are allowed to trade -- treasuries. gsa agency securi